Home insurance or property insurance secures the structure along with its content against unwanted events like fire, theft, natural calamities (storm, cyclone, etc.) or man-made activities (riots and terrorism). With the arrival of auspicious occasions, it is advisable for you to invest in a home insurance policy, as securing your assets is one of the best things to do during this festive time. An unfortunate incident can cause irreversible damage, leading to vulnerable financial losses; hence, it is wise to buy property insurance.
The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for every insurer to offer a standard home insurance policy known as Bharat Griha Raksha from April 1, 2021. Bharat Griha Raksha provides coverage against loss, damage, or destruction of the home building and its contents due to unforeseen circumstances.
Our nation is prone to natural calamities and constant fire incidences, which lead to irreversible damages. For example, in 2021, cyclone yaas in Odisha and a major fire incident in Kullu, Himachal Pradesh in December 2021, gutted 15 houses and led to severe destruction of property. Hence, to avoid getting your years of income drained out in a fraction of seconds from these kinds of incidences, it is advisable to buy an HDFC ERGO home insurance policy having the below key features: